WhiteBIT Review – Is This Crypto Exchange Legit?

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By Austin DeNoce

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WhiteBIT Review

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WhiteBIT Review

  • Exchange
  • Trading
  • P2P Trading
  • Staking
  • Mobile App
  • Fees
  • Customer Support
4.6

Summary

WhiteBIT is a centralized crypto-to-fiat exchange that supports a variety of trading options. With WhiteBIT, users can spot trade, margin trade, stake, complete P2P trading, and more. It supports around 90 crypto assets and features its own DEX in addition to its centralized exchange. Find out if this exchange is worth your time by reading our complete WhiteBIT review.

Pros

  • Amazing staking services
  • P2P payments with escrow
  • Low trading fees

Cons

  • Many countries not supported
  • No derivatives, copy trading, or other crypto services
  • High withdrawal fees

About WhiteBIT

WhiteBIT is a Ukraine-based exchange and Europe’s largest international centralized crypto-to-fiat exchange with over 2 million registered users in 150+ regions. WhiteBIT also supports spot trading, margin trading, staking, and peer-to-peer crypto trading.

However, there are a number of regions that cannot use the WhiteBIT platform, including Afghanistan, American Samoa, U.S. Virgin Islands, Territory of Guam, Iran, Yemen, Libya, Pakistan, State of Palestine, Puerto Rico, Somalia, the Democratic People’s Republic of Korea, The Northern Mariana Islands, USA, Syria, Russian Federation, Republic of Belarus, Republic of Sudan, Transnistria, Abkhazia, South Ossetia, Turkish Republic of Northern Cyprus, Western Sahara, Federal Republic of Ambazonia, Kosovo, and temporarily occupied territories of Ukraine.

WhiteBIT Exchange

For anyone looking to simply buy and exchange crypto without diving into the trading section, WhiteBIT has a very user-friendly exchange that supports about 90 different crypto assets. The whole layout and process is incredibly intuitive and clearly outlines exactly what you’re getting, how much of it you’re getting, and exactly how much it will cost (both in absolute terms and in fees). It would be nice to see the supported markets listed below the order panel to easily scroll through and see live prices within the exchange, but it’s still one of the better exchange interfaces out there.

WhiteBIT Exchange

Trading

WhiteBIT has two different trading sections labeled ‘Basic’ and ‘Pro Trade’ with slightly different layouts, but the main difference is the latter includes margin trading with up to 5x leverage. Each section is very organized and trader friendly, with charts powered by TradingView and multiple order options, including market, limit, stop, and other conditional orders. Both sections support spot trading for over 300 pairs, and the Pro Trade section allows margin trading for 15 different assets. While the number of markets for spot and margin is significantly lower than exchanges like Binance or KuCoin, it is well above other leading competitors like Coinbase or Crypto.com. Overall, WhiteBIT’s trading is definitely above average and should be more than satisfactory for just about every trader.

WhiteBIT Trading

P2P Trading

A useful feature more and more platforms are including, and WhiteBIT advertises its peer-to-peer exchanges. WhiteBIT calls its version of this ‘Bitcoin Global,’ and it allows users to exchange over 100 currencies through 50+ payment methods. The only crypto assets it currently supports are BTC and USDT, but there is no KYC verification needed, and you can protect transfers with escrow. During a trade, the asset gets locked into a secure escrow system until the payment is received directly from the buyer and Bitcoin Global’s staff is ready to assist if there are any problems or disputes. 

WhiteBIT P2P Lending

Staking

Perhaps the most impressive section of the WhiteBIT platform is its SMART Staking. With 140 staking options for about 40 different assets, it has to be one of the most developed staking services out there, rivaling the likes of Binance and blowing away most competitors like FTX or Kraken. They even have helpful filters for all the different assets they support and a separate section for any active staking you have going. Terms for staking range anywhere from 10 to 360 days, with longer holding periods naturally rewarding you with higher APYs, which can range from as low as 0.4% to 45% depending on the term and asset. Some of the more remarkable rates worth mentioning are a 30% return on a 360 day staking term for USDT and a 28% return on a 360 staking term for BTC. It’s hard to say how such impressive rates are accomplished or sustainable, but they are nothing short of amazing.

WhiteBIT Staking

WhiteBIT DEX

Even though WhiteBIT is a centralized exchange, they decided to create a decentralized one (DEX) as well. The DEX appears to be very early in its development with only four supported assets (CLR, USDT, WSD, WTRX), but it allows for simple swiping and liquidity pooling. Truthfully, I wouldn’t recommend using their DEX over a popular alternative like 1inch or Uniswap, but it’s always nice to have optimality within a platform.

WhiteBIT DEX

Mobile App

Like most popular exchanges, WhiteBIT has an excellent mobile app. The app is as simple as it is intuitive, includes an option for Face ID, and supports both trading and staking.

WhiteBIT Mobile App

The P2P payments section is a bit confusing, and it’s not clear if the escrow portion works from within the app, but the rest of the app is exceptional. Many trading apps have a tough time comfortably fitting order panels and charts onto mobile devices, but WhiteBIT executed that task very well.

WhiteBit Mobile App Charts

WhiteBIT Fees

WhiteBIT’s maker and taker fees can vary for some pairs, but they never exceed 0.10%, which is very attractive and on par with leading exchanges like Binance (0.10%). There is also a daily fee for using funds in margin trading of 0.098%, and that fee is in line with Binance’s BTC margin fee (0.01%), but much higher than the 0.05% average for other assets. Nevertheless, both fees are extremely competitive.

As for withdrawal fees, they will depend on blockchain fees and the price of an asset. They can also be changed without notice, but examples are 10-50 USDT and 0.001 BTC, both of which are a little high.

Customer Support on WhiteBIT

Though WhiteBIT doesn’t technically have a support center, they have an education section in their blog that has much of the same information. Within the education section, there are two subcategories: “CryptoWiki” and “How to Use WhiteBIT.” The former contains information on particular assets, trading basics, and crypto more broadly, while the latter contains helpful walkthroughs of WhiteBIT’s various features and services. Despite the section being relatively small, they cover just about everything on one simple and digestible page you can scroll through. The information itself is also professionally put together, and each article you can click on takes you to a beautifully organized page full of pictures and step-by-step explanations. For a seemingly small ‘support center’ that isn’t advertised all that well, it’s actually pretty amazing. Aside from simply making its existence more obvious, the only real concern is a lack of clear sections to guide you to the answers you need, but it’s a great resource regardless.

WhiteBIT Customer Support

And if that education portion of the blog isn’t enough, you can also elect to message support directly via email or by creating a support ticket via the support tab at the top right of the page.

Conclusion: WhiteBIT Review 

If you live in one of the supported regions, I would say WhiteBIT is absolutely a top contender among crypto exchanges. While they don’t support derivatives trading or other services like crypto loans and copy trading, they have excellent spot and margin trading, a great P2P payment system, and one of the best staking services I’ve seen.

If you’re strictly a trader, WhiteBIT has an above-average interface, plenty of markets/order types, and low fees that should make their platform very appealing, but it would be understandable to go with a competitor if trading is your only focus as ‘above average’ is not the best. That said, if you’re even slightly interested in staking or crypto escrow payments, WhiteBIT is easily one of the best options available. Bearing that in mind, I would likely recommend WhiteBIT to anyone interested in crypto trading, but I would especially recommend it to anyone interested in staking or a more secure way of engaging in P2P payments.

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Austin DeNoce

Austin DeNoce is a writer, personal investor, and entrepreneur who is focused on trading and investing education for macro, crypto, equities, derivatives, and foreign exchange traders. He graduated from the University of California, Santa Barbara with a bachelor’s in philosophy and carries a deep passion for a first-principles approach to investing and education therein. Austin specializes in topics related to cryptocurrencies and blockchain technology.

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